Company Insight

Established in 1993, VPBank is a bank that pursues a modern retail strategy. VPB has grown strongly thanks to its ability to expand its network of branches and transaction points nationwide, along with the development of diverse products. With its leading position in consumer finance, FE Credit is expected to recover more clearly in 2025-2028. Two other subsidiaries, VPBankS (Securities) and OPES (Insurance), are also gradually contributing more to the bank's operations. Based on the residual income method and the P/B comparison method, we estimate the 12-month target price of VPB at VND 24,100/share.

Outlook for 2025

Key assumptions for 2025 include consolidated credit growth of approximately 22%, consolidated NIM recovering to above 6% thanks to contributions from FE Credit, consolidated NPLs controlled around 4.0%, credit risk cost/total credit of approximately 4.2%, consolidated CIR of 22-23%. Consolidated pre-tax profit of VPB in 2025 is forecast to reach VND 24,360 billion (+21.8% YoY), a slight increase compared to the latest report due to positive signals of asset quality and recovery of the retail customer segment.